At the end of 2018, BRS Microfinance Coop signed an agreement with Progresemos for a loan of USD 2 million for three years. Since its creation in 2006, Progresemos has grown into an organisation with 120,000 customers. In addition to the typical microcredits (53%), customers can apply for loans for their SMEs and for specific agricultural activities such as sugar cane production. Progresemos focuses above all on the vulnerable population and offers loans starting from just 100 dollars. Unfortunately, the economic consequences of the coronavirus crisis are having a strongly negative impact on Progresemos and the repayment of the first tranche of capital for USD 1 million planned for June 2020 is overdue. BRS is working together with the group of international lenders on a structural solution.
